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Advert for Fult Tilt online gambling site featuring Patrick Antonius Photo by: Full Tilt

Irish scam poker site’s defense - ‘not a Ponzi Scheme, per se’

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Advert for Fult Tilt online gambling site featuring Patrick Antonius Photo by: Full Tilt

Consider this, if you're going to be scammed wouldn't you prefer your money went to ordinary decent scam artists rather than to some corporate fat cat in a suit and tie?

When federal prosecutors launched a civil lawsuit against Irish online poker giant Full Tilt Poker this week, alleging it was 'not a legitimate poker company, but a global Ponzi Scheme,' Full Tilt's legal team offered a surprising defense: 'Ehhh, technically what happened was not a Ponzi Scheme, per se,' an attorney representing the company told The New York Times.

The lawsuit alleges that the company used $444 million in player funds to line the pockets of its own board members.

By March 2011, the current lawsuit says, the company had $60 million in funds to cover $360 million owed to players.

READ MORE:

Dublin-based poker site Full Tilt scams millions - 'a global Ponzi scheme

Bernie Madoff hid $380 million in Ireland

Madoff linked to corrupt Irish bank

Full Tilt Poker still insists it was not a Ponzi Scheme, however. A Full Tilt lawyer told the New York Times:

'Even if, if a crime was committed, that doesn't make it a Ponzi scheme,' he said adding that Full Tilt may have been mismanaged but it was still an actual business. The lawyer added that the term was not just inaccurate but 'it's loaded, particularly post-Madoff.'

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